Perth, Australia-based Golden Gate Petroleum has farmed out a 40% stake in the Silverwood onshore oil and natural gas project in St. Martin and Iberia parishes, Louisiana, to fellow Australian Augustus Minerals.

摘要

Under the terms of the deal, GGP keeps a 30% stake in the project, which it will continue to operate. Partner Pass Petroleum will continue to hold 30%. Augustus will pay about $880,000 in dry hole costs for an initial well to be drilled on the property in June, plus an additional $240,000 in completion costs in the event of a discovery. Total dry hole costs are estimated at $1.1 million.